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Updated about 4 years ago on . Most recent reply

User Stats

7
Posts
1
Votes
Bryce T Attisani
  • Rental Property Investor
  • NY
1
Votes |
7
Posts

Help: need to find financing

Bryce T Attisani
  • Rental Property Investor
  • NY
Posted

I am a new investor looking to purchase rental properties.  I closed on a duplex last month and am looking to purchase another one as soon as possible.  I have done extensive research in the area of interest and feel ready to dive in. This location is about 7 hours away from where I currently but I have been there several times and feel like I am familiar with the area.  These properties are going quick, slipping through my fingers because I don't have my finances lined up.  My first duplex was a unique situation: somewhat distressed property but was already being rented ($1,000 a month total, 500 each unit) the tenants have been there for over ten years and have a good rental history.  The property was so cheap (20k) that my partner and I decided to just buy it cash. It is in need of about 10k in fixes but is in "rentable" condition-besides the point.  I am looking to purchase a second duplex but my problem is I am having trouble finding financing, I would rather just put a down payment on a house instead of purchasing in cash.  I have more than enough cash to get the process started (down payment, closing costs, rehab, etc) but I am unlikely to qualify for a conventional loan because I have no proof of income within the past year or so.  Does anybody have any suggestions how/where to find financing/investors or other ways to possibly qualify for conventional loan? Thank you in advanced.

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